Policy makers must move decisively, according to January’s Global Economic Prospects, and although it is already growing again following the 4.3 per cent contraction of 2020, the COVID-19 pandemic has caused “a heavy toll of deaths and illness, plunged millions into poverty, and may depress economic activity and incomes for a prolonged period”, said a press release issued by the World Bank – a key financial institution within the United Nations system.

Immediate policy priorities should now focus on controlling the spread of coronavirus and ensuring rapid and widespread vaccine deployment. “To support economic recovery, authorities also need to facilitate a re-investment cycle aimed at sustainable growth that is less dependent on government debt”, the Bank advises.

‘Formidable challenges’

“While the global economy appears to have entered a subdued recovery, policymakers face formidable challenges—in public…

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